Explain the following;
(i) Marketing concept
(ii) Marketing mix
(iii) Market segmentation
(iv) Product differentiation
Explanation
(i) Marketing concept; indicates that the satisfaction of customers’ needs and wishes constitute the main reason for the existence and survival of a business. A company adopts the marketing concept when all its efforts are directed wards the identification of what customers want and how best to meet the demands.
(ii) Marketing Mix; is the combination of variables offered to the market at a particular time. Such variables can be in the form of product, place, price and promotion (the 4Ps of marketing)
(iii) Market segmentation; is the division of a market into identifiable sub-markets for the purpose of reaching target customers with the most appropriate marketing mix. It enables the seller to ake the appropriate set of products mix, product quality, price, advertisement and sales promotion to reach various categories of customers.
(iv) Product differentiation; is the practice of offering a company’s product in unique colours, different brands and packaging, all in the attempt to make the company’s product look different from similar products bred by other companies.